Aliko Dangote, Africa’s richest person, said his group is on track to generate total revenue of $30 billion next year, even as companies fret over the potential impact of US President Donald Trump’s tariffs.
The chief executive officer of Dangote Industries Ltd. said his businesses, which include a giant 650,000 barrels-a-day oil refinery in Lagos, Nigeria’s commercial hub, will add at least $5 billion of revenue in 2026 from $25 billion this year.
Trump’s tariffs spared oil and gas exports, allowing Dangote Petroleum Refinery to keep selling its products to the nation. The billionaire’s firm also sells fertilizer to the US and it stands to benefit because of a 16 percentage-point difference in levies between Nigeria and its main competitor for the soil nutrients, Algeria.
“I was worried about the US tariff because 37% of our urea goes to the US,” Dangote said at a venture capital conference in Lagos on Thursday. “Luckily for us, Algeria was slapped with 30%.”
Separately, Dangote expects to become the biggest exporter of cement on the continent next year, surpassing Egypt.
“We are at about 53 million tons,” Dangote said in reference to the production capacity of his plants. “By next year, we will be at 62 million tons of cement. We will be number one.”
Dangote’s assets are valued at $27.5 billion, according to the Bloomberg Billionaires Index.
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